8 traits of successful entrepreneurs and start-up business owners

Starting a business is challenging and requires specific characteristics.

Juggling roles, developing new skills, and coping with customers can all require patience and time.

Along with a strong business plan and thorough market research, many new business owners often share personality traits that help them face the challenges of running their own business.

Beyond formal education, practical traits often determine whether entrepreneurs achieve their start-up goals.

According to the Global Entrepreneurship Monitor Global Report, people who start and run businesses often display resilience, confidence in their abilities, and a willingness to take risks.

Perseverance and motivation in the face of the unexpected are essential for navigating the critical early stages of your start-up.

What is an entrepreneur?

Entrepreneurs are often seen as innovators who spot opportunities, create solutions, and bring new products or services to the market.

However, being an entrepreneur isn’t just about launching tech giants or becoming the next Richard Branson, Alan Sugar, or Denise Coates.

Successful entrepreneurs come from all walks of life and every industry.

For example, some entrepreneurs launch small local businesses, such as a café or start a carpentry business.

Others prefer online ventures or offer freelance services.

Social entrepreneurs focus on solving community or environmental problems, measuring success by positive impact rather than by profit alone.

Some entrepreneurs enjoy starting multiple businesses throughout their careers.

However, the willingness to take the initiative and turn an idea into reality is what sets successful start-up owners apart.

Discover ten reasons to start your own business.

Traits of successful entrepreneurs

Many business owners say these personality traits can help you succeed with your start-up.

1. Passion

Starting a business is hard work.

The hours are long, and the rewards can be small when starting out.

You may need to make sacrifices – financially and emotionally.

Successful start-up owners tend to have a genuine passion for their business or the problem it is solving.

Passion can push you to:

• learn as much as possible about your industry
• stay motivated and energised – your mission can carry you through hard times
• make your start-up meaningful and build a real connection with the people you want to help.

Having a passion is essential for Susan Bonnar, founder of The British Craft House in Lee-on-the-Solent.
“You need to really care about your business,” she says.

“There needs to be this emotional connection and wanting to solve a genuine need. You need to be immersed in the issue and in helping other people who have the same problem, rather than simply selling a product,” she adds.

2. Determination

Call it determination, energy, or motivation – it’s the drive to keep pushing your business forward.

Determination could mean:

• sticking with an idea until it becomes a real, working business, and thinking through how every part will work
• looking at how your business could improve, even after setbacks
• staying focused on your goals – managing costs, boosting sales, and delivering better customer service.

Anthony Quinn, founder of The Pudding Pantry in Nottingham, finds that his competitiveness helps to drive his determination to succeed.

“I’m quite competitive – I hate losing,” he says.

“I guess that’s an important trait because you’re always looking at how to do better. I look at everything we do and ask, ‘Can we do it better?’. I saw another independent doing an afternoon tea box recently, and their boxes are nicer than ours. So I’m on my phone straight away looking at how much these boxes cost and how we can improve on what we do,” he adds.

3. Willingness to learn

Successful entrepreneurs keep learning.

Every experience – good or bad – can help you grow.

Being open to fresh ideas and ready to learn new skills could be crucial, especially given the constantly evolving technologies, market trends, and customer expectations.

Learning can involve:

• attending workshops, finding a mentor, reading widely, or simply being curious and asking questions
• embracing change, trying new approaches, and keeping your business innovative
• reviewing customer feedback, following industry news, or building new digital skills for fresh insights.

TJ Bouchada, founder of the independent nail salon Moody Cow Nails, explored various ideas for new businesses before completing a qualification in nail technology to make her start-up a reality.

Read our interview with TJ to discover how learning was key to her journey as an entrepreneur.

Continual learning could help you, as a business owner, thrive professionally and personally in the long run.

Discover Learn with Start Up Loans, our partnership with The Open University, with courses covering all areas of business.

4. Resilience

The ability to handle difficult situations can help when starting a business.

Resilience means bouncing back after setbacks and trying again.

It’s one of the most valuable traits for entrepreneurs – research shows that people who’ve closed a business are more likely to start another than those who’ve never tried.

Problems and negative feedback don’t have to be the end.

Instead, view setbacks as an opportunity to learn and help your business emerge stronger.

Resilience could mean:

• staying optimistic about overcoming obstacles, even when things are tough
• bouncing back after failures and viewing tough times as temporary, not permanent
• keeping a positive outlook and staying motivated, whatever challenges you face.

“You’ve got to be ridiculously optimistic and resilient,” says Victoria Griffin, co-founder of Goji Hair in Cardiff.

“The number one thing is resilience. I’ve had businesses before where the end of the month is coming, you’ve got staff to pay, and you’re thinking, ‘Oh, God, I hope we have a good day on Saturday in the shop’. That’s uncomfortable. Be resilient and be optimistic.”

Margaret Morrison-Macleod, founder of The Divine Hag in Glasgow, agrees: “It can be very lonely setting up a business. I think you have to have a level of stoicism. You also need to be able to take on board the ‘ugly baby’ comments. You might love your business – it’s your ‘baby’ – but you need to listen to feedback and those ‘ugly baby’ comments to make it even better.”

5. Flexibility

Start-up owners may have to juggle several roles in the early days of their business.

You could find yourself acting as a project manager, marketer, PR representative, customer service agent, and bookkeeper.

That’s why flexibility and adaptability can matter.

Being flexible can mean:

• rethinking your plans when the market changes or something unexpected happens
• being willing to change course, even if it means letting go of old plans or habits
• knowing your limits, getting help when needed, and communicating clearly with your team and customers.

Kate Collins, founder of My Outdoor Classroom CIC in Merseyside, says: “You need to be adaptable so you’re able to change what you’re doing. Don’t feel like you’ve got to do the same thing you’ve always done just because you’ve always done it. Evaluating what you’ve done and learning from it is really important.”

Be realistic when taking on tasks, adds Goji Hair’s Victoria: “If you haven’t got the skills yourself, get somebody who can. Good communication is also important.”

6. Vision

A clear vision of what you want to achieve can help.

It’s more than an idea – it’s knowing where you want your business to go and how you’ll get there.

“Have a clear vision about your end target,” advises Daniel Edwards, co-founder of D&K Accounting in Bawtry.

“We always knew we wanted to support small business clients rather than have a large office in the city. You need drive and passion for what you do because this is pretty hard work.”

Having a clear vision can look like:

• planning for your start-up’s future growth, not just reacting to day-to-day problems
• linking your plans to goals and targets – such as profit or customer sales – to help bring your vision to life
• inspiring others – your vision can help employees, partners, or investors support your mission and work towards a shared goal.

7. Decisiveness

Decisiveness is another key trait that can help set you apart from less successful business owners.

You’ll face many choices in business – some small, some with major consequences.

Being decisive can mean acting with confidence, even when the outcome isn’t certain.

Decisiveness can mean:

• assessing situations quickly and making informed decisions to drive ideas forward and seize opportunities
• making timely decisions and learning from the results to avoid delays
• pivoting when needed, instead of getting stuck and missing out on opportunities.

A proactive mindset could help keep your business moving, while being organised and structured could empower you to be more decisive.

For example, George Greer, co-founder of eco-friendly business Project Harmless, stays organised by adding structure to his work day.

He sets aside time for emails at the start and middle of each day, and holds daily team catch-ups to keep everyone updated and tasks on track.

This routine helps him manage tasks efficiently and support his business goals.

Read more about George and how he created Project Harmless.

8. Approachability

Closing yourself off from others when starting a business might not be a recipe for success.

Some new business owners find that being approachable and open could help build a support network and win business.

D&K Accounting’s Daniel says, “I think you have to be personable. When you’re doing it for yourself, people have to like you to do business with you. If they don’t like you, they’ll find somebody else.”

This could mean:

• building trust and strong relationships with your team, customers, and others in your industry
• creating a friendly, open atmosphere that encourages support and loyalty
• attracting collaborations and word-of-mouth referrals, all of which could be vital for growing your business.

Read more about networking and where to find support as a start-up.

Improving your entrepreneurial skills

Building entrepreneurial skills can be an ongoing process.

While some entrepreneurs seem naturally enterprising, many of these traits can be learned over time with the right mindset and effort.

Start by staying curious and open-minded.

Consider training yourself to spot problems or gaps in the market, and think creatively about how to solve them.

You might also look for business opportunities in everyday life – maybe your community needs a service or a more efficient way of doing something, or you’ve noticed a new trend.

Staying informed by reading, networking, and learning from others’ experiences could also help.

Having the courage to test ideas, even if you risk failure, could help to set you apart from the competition.

Each attempt could be a valuable learning experience that brings you closer to your goals.